MaskEX Crypto Exchange will not prohibit the use of wallets associated with Russians or the Russian Federation. MaskEX couldn’t bear it any longer and decided to clarify its argument for the rest of the world after lengthy talks among the team.
Given the current situation in Ukraine, practically every area is reacting to the sanctions and restrictions imposed on Russia. From this vantage point, the expectations from crypto exchanges are not surprising, which, of course, is a lot of pressure. MaskEX, a relatively new but rapidly developing crypto exchange, already has a high number of users from Russia and Ukraine, as it employs people from these countries. Even if there were a few dozen users from these nations, numbers do not count persons.
People nowadays expect a Crypto Exchange to: restrict all wallets affiliated with Russia; prohibit the registration of new customers who are Russian citizens; and block or freeze the accounts of affluent Russians.
First and foremost, what is happening in Ukraine and other war-torn nations is completely unacceptable to the MaskEX team. The team envisions a future in which one individual is the ultimate value, and one of the primary components leading to this society is cryptocurrency. As a result, it is intolerable that innocent people’s lives are disrupted, houses are destroyed, and hopes are dashed. War’s global agony is humanity’s greatest sin and shame, and it will never be atoned for.
Then there are the Crypto Exchanges, which are continuously talking about the advantages and benefits of cryptocurrency, such as privacy and anonymity. Imposing sanctions on persons who were just born or live in a specific country would, at the very least, be a nominee for Hypocrisy.
To Prohibit all new Russian citizen registrations. Cryptocurrency exists in a decentralized system with no third party, in which an individual’s actions and decisions are not dependent on an intermediary such as a bank. Because of global sanctions, many individuals who had nothing to do with the commencement of the war are bearing the repercussions of politicians’ decisions.
They were having problems and decided to seek assistance from Crypto. Wasn’t it crypto businesses who informed individuals they could insure themselves with cryptocurrency in the event of an emergency? On this path, the scenario is a true test for Crypto. This chapter in Crypto history could be titled “Bitcoin in the Age of Sanctions.” Cryptocurrencies fell on February 24 with the commencement of the war and began to rise in tandem with the first sanctions imposed on Russia, showing a desire for them. These days, the behavior of cryptocurrencies determines whether the world will reach Web 3.
On the other hand, claiming that Crypto Exchanges are decentralized and that they are not liable for their customers’ unlawful acts means that they are not holding the executioner’s hand. But how should a company conclude that these people are breaking the law if there are no court judgements or clear facts?
This crisis is a test for Crypto Exchanges and everyone individually: what kind of personality each person has, how they will behave as individuals and as a community. If the world does not come to its senses, the bloodshed will continue, hatred will not be accepted, and humanity may end up in WW3 rather than Web 3. To the entire planet, logic and rationality.
MaskEX is a cryptocurrency wallet and trading platform that prioritizes user anonymity and security. It offers intelligent, intuitive, and innovative internet trading. Founded in 2021 with the tagline “Your Wallet, Your Way,” the company’s mission is to play an important role in a free economic system by giving financial anonymity and liberty to the masses.